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Domestic & International Market Volume (Million USD)
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Bond Market Size by Country 2024
Country | Domestic & International Market Volume (Million USD) | # Domestic & International Bonds | Domestic Bond Market Volume (Million USD) | # Domestic Bonds | International Bond Market Volume (Million USD) | # International Bonds |
|---|---|---|---|---|---|---|
| United States | $46.03 Mn | 98.5K | $36.15 Mn | 81.6K | $9.88 Mn | 17K |
| China | $16.52 Mn | 28.9K | $15.86 Mn | 27.3K | $657,096 | 1.7K |
| Japan | $10.36 Mn | 15.3K | $9.88 Mn | 14.3K | $482,124 | 969 |
| France | $5.46 Mn | 12.2K | $4.78 Mn | 7.6K | $686,400 | 4.6K |
| Germany | $5.22 Mn | 19.6K | $4.18 Mn | 17.1K | $1.05 Mn | 2.4K |
| United Kingdom | $5.07 Mn | 10.4K | $3.17 Mn | 1.4K | $1.90 Mn | 9K |
| Italy | $3.60 Mn | 3.6K | $3.08 Mn | 2.6K | $526,073 | 1.1K |
| Canada | $3.21 Mn | 10.1K | $2.18 Mn | 5.7K | $1.02 Mn | 4.4K |
| India | $2.68 Mn | 22.5K | $2.59 Mn | 22.4K | $88,440 | 187 |
| Spain | $2.44 Mn | 2.8K | $2.05 Mn | 1.6K | $384,548 | 1.2K |
| Chile | $2.04 Mn | 1.7K | $1.92 Mn | 1.5K | $115,849 | 237 |
| South Korea | $1.95 Mn | 16.5K | $1.74 Mn | 15.6K | $204,704 | 929 |
| Australia | $1.56 Mn | 2.2K | $1.18 Mn | 1.2K | $385,777 | 1.1K |
| Netherlands | $1.34 Mn | 2.7K | $521,541 | 457 | $823,328 | 2.3K |
| Luxembourg | $1.33 Mn | 3.3K | $723,414 | 905 | $601,800 | 2.4K |
| Belgium | $1.29 Mn | 1.4K | $1.24 Mn | 1.3K | $49,405 | 75 |
| Switzerland | $996,368 | 5.8K | $665,128 | 3.8K | $331,240 | 2.1K |
| Mexico | $950,490 | 1.1K | $668,038 | 808 | $282,451 | 336 |
| Brazil | $864,954 | 2.8K | $681,870 | 2.6K | $183,084 | 293 |
| Sweden | $687,507 | 2.3K | $373,383 | 1.2K | $314,125 | 1.1K |
| Austria | $676,044 | 3.2K | $532,722 | 2.9K | $143,322 | 356 |
| Singapore | $633,861 | 760 | $549,729 | 503 | $84,132 | 257 |
| Russia | $601,587 | 4.6K | $513,270 | 4.2K | $88,317 | 429 |
| Hong Kong | $568,253 | 1.9K | $281,220 | 1.1K | $287,034 | 802 |
| Indonesia | $561,958 | 1.5K | $415,981 | 1.3K | $145,977 | 206 |
| Ireland | $492,628 | 2.4K | $150,515 | 93 | $342,112 | 2.4K |
| Thailand | $475,613 | 2.5K | $458,563 | 2.5K | $17,051 | 44 |
| Malaysia | $453,692 | 3.5K | $416,004 | 3.4K | $37,688 | 97 |
| Denmark | $450,364 | 1.6K | $331,694 | 1.4K | $118,670 | 254 |
| Finland | $421,015 | 1.4K | $201,182 | 696 | $219,833 | 752 |
| Saudi Arabia | $413,450 | 280 | $206,561 | 137 | $206,889 | 143 |
| Poland | $405,024 | 2.4K | $336,996 | 2.3K | $68,028 | 87 |
| Philippines | $404,303 | 753 | $213,079 | 339 | $191,225 | 414 |
| Norway | $396,637 | 2K | $213,038 | 1.6K | $183,599 | 409 |
| Israel | $376,119 | 876 | $306,758 | 757 | $69,360 | 119 |
| Taiwan | $367,402 | 1.9K | $351,238 | 1.8K | $16,164 | 29 |
| Czech Republic | $365,124 | 410 | $325,197 | 320 | $39,927 | 90 |
| Colombia | $353,532 | 492 | $285,466 | 413 | $68,066 | 79 |
| Argentina | $340,190 | 1.1K | $148,657 | 841 | $191,533 | 214 |
| United Arab Emirates | $270,999 | 745 | $65,662 | 115 | $205,337 | 630 |
| South Africa | $264,261 | 2.4K | $196,459 | 2.3K | $67,801 | 94 |
| Portugal | $260,332 | 263 | $243,325 | 218 | $17,007 | 45 |
| Turkey | $237,001 | 1.2K | $106,200 | 1K | $130,800 | 165 |
| New Zealand | $231,151 | 388 | $183,733 | 273 | $47,417 | 115 |
| Egypt | $184,931 | 557 | $143,835 | 523 | $41,095 | 34 |
| Hungary | $176,583 | 895 | $129,869 | 839 | $46,714 | 56 |
| Greece | $163,715 | 158 | $126,497 | 77 | $37,218 | 81 |
| Romania | $158,780 | 245 | $79,347 | 175 | $79,433 | 70 |
| Iran | $157,932 | 353 | $157,932 | 353 | ||
| Qatar | $127,603 | 259 | $39,083 | 77 | $88,520 | 182 |
| Pakistan | $125,527 | 167 | $116,575 | 156 | $8,952 | 11 |
| Kazakhstan | $110,003 | 820 | $88,194 | 784 | $21,809 | 36 |
| Peru | $108,733 | 360 | $44,488 | 258 | $64,245 | 102 |
| Slovakia | $95,240 | 292 | $90,998 | 282 | $4,242 | 10 |
| Venezuela | $94,367 | 177 | $4,359 | 74 | $90,007 | 103 |
| Vietnam | $90,373 | 576 | $87,228 | 567 | $3,144 | 9 |
| Ukraine | $82,674 | 770 | $43,171 | 711 | $39,503 | 59 |
| Costa Rica | $80,802 | 502 | $71,102 | 475 | $9,700 | 27 |
| Morocco | $78,478 | 522 | $65,589 | 507 | $12,889 | 15 |
| Dominican Republic | $71,646 | 314 | $40,820 | 288 | $30,826 | 26 |
| Panama | $63,239 | 1.7K | $17,415 | 1.6K | $45,825 | 58 |
| Ivory Coast | $62,343 | 374 | $19,947 | 206 | $42,395 | 168 |
| Uruguay | $54,294 | 148 | $31,384 | 126 | $22,909 | 22 |
| Algeria | $51,536 | 101 | $51,536 | 101 | ||
| Slovenia | $50,310 | 73 | $15,484 | 38 | $34,826 | 35 |
| Bahrain | $47,829 | 103 | $14,832 | 56 | $32,997 | 47 |
| Sri Lanka | $46,711 | 247 | $33,986 | 235 | $12,725 | 12 |
| Lebanon | $46,076 | 948 | $15,193 | 919 | $30,882 | 29 |
| Nigeria | $45,790 | 282 | $22,162 | 246 | $23,629 | 36 |
| Oman | $44,482 | 93 | $13,094 | 67 | $31,388 | 26 |
| Bangladesh | $44,210 | 347 | $44,210 | 347 | ||
| Jordan | $42,546 | 284 | $34,796 | 274 | $7,750 | 10 |
| Kenya | $41,911 | 174 | $34,754 | 167 | $7,157 | 7 |
| Ecuador | $39,812 | 378 | $1,791 | 352 | $38,021 | 26 |
| Ghana | $39,781 | 212 | $26,607 | 197 | $13,174 | 15 |
| Croatia | $38,069 | 55 | $22,542 | 39 | $15,527 | 16 |
| Iceland | $35,063 | 248 | $18,947 | 184 | $16,116 | 64 |
| Kuwait | $34,159 | 71 | $14,722 | 43 | $19,437 | 28 |
| Lithuania | $29,551 | 265 | $9,490 | 242 | $20,061 | 23 |
| Cyprus | $23,359 | 76 | $5,936 | 48 | $17,423 | 28 |
| Jamaica | $23,266 | 71 | $15,029 | 50 | $8,237 | 21 |
| Bulgaria | $22,997 | 140 | $7,088 | 120 | $15,909 | 20 |
| Serbia | $21,909 | 85 | $12,132 | 77 | $9,778 | 8 |
| Angola | $21,241 | 435 | $11,726 | 428 | $9,514 | 7 |
| Cayman Islands | $20,958 | 128 | $506 | 5 | $20,452 | 123 |
| Belarus | $19,902 | 1.5K | $16,696 | 1.5K | $3,206 | 6 |
| Guatemala | $19,642 | 299 | $9,211 | 280 | $10,431 | 19 |
| Honduras | $19,381 | 123 | $9,476 | 80 | $9,905 | 43 |
| Latvia | $18,609 | 90 | $1,932 | 72 | $16,677 | 18 |
| Paraguay | $17,267 | 710 | $5,090 | 689 | $12,177 | 21 |
| Malta | $16,928 | 262 | $15,648 | 254 | $1,280 | 8 |
| Azerbaijan | $15,202 | 305 | $8,669 | 295 | $6,533 | 10 |
| Mauritius | $15,118 | 259 | $11,275 | 251 | $3,843 | 8 |
| Tunisia | $14,561 | 308 | $12,022 | 301 | $2,539 | 7 |
| Macau | $13,595 | 45 | $2,217 | 24 | $11,378 | 21 |
| Bermuda | $12,890 | 45 | $2,445 | 14 | $10,445 | 31 |
| Bolivia | $11,183 | 881 | $8,764 | 876 | $2,419 | 5 |
| Senegal | $10,624 | 109 | $6,437 | 104 | $4,187 | 5 |
| Albania | $10,226 | 110 | $7,510 | 104 | $2,715 | 6 |
| Estonia | $10,060 | 145 | $2,050 | 127 | $8,010 | 18 |
| Trinidad and Tobago | $10,027 | 59 | $4,321 | 46 | $5,707 | 13 |
| Zambia | $9,535 | 310 | $6,535 | 307 | $3,000 | 3 |
| Uganda | $9,512 | 78 | $9,512 | 78 | ||
| Tanzania | $8,850 | 218 | $8,850 | 218 | ||
| Togo | $7,915 | 94 | $4,572 | 89 | $3,343 | 5 |
| Armenia | $7,903 | 152 | $5,740 | 147 | $2,163 | 5 |
| Bahamas | $7,803 | 261 | $5,108 | 254 | $2,695 | 7 |
| North Macedonia | $7,352 | 234 | $4,751 | 230 | $2,601 | 4 |
| Namibia | $6,980 | 181 | $6,230 | 180 | $750 | 1 |
| El Salvador | $6,874 | 60 | $475 | 50 | $6,399 | 10 |
| Uzbekistan | $6,718 | 97 | $1,764 | 84 | $4,954 | 13 |
| Benin | $6,127 | 52 | $3,560 | 47 | $2,567 | 5 |
| Gabon | $5,660 | 86 | $3,087 | 81 | $2,573 | 5 |
| Burkina Faso | $5,354 | 80 | $5,354 | 80 | ||
| Georgia | $5,308 | 81 | $3,908 | 74 | $1,400 | 7 |
| Mali | $5,206 | 104 | $5,206 | 104 | ||
| Mozambique | $5,169 | 107 | $4,269 | 106 | $900 | 1 |
| Liechtenstein | $5,053 | 37 | $3,306 | 29 | $1,747 | 8 |
| Nepal | $4,837 | 157 | $4,837 | 157 | ||
| Republic of the Congo | $4,451 | 117 | $3,673 | 115 | $778 | 2 |
| Barbados | $4,263 | 36 | $2,795 | 32 | $1,468 | 4 |
| Mongolia | $4,112 | 23 | $143 | 13 | $3,969 | 10 |
| Myanmar | $4,067 | 21 | $4,067 | 21 | ||
| Ethiopia | $3,829 | 26 | $2,829 | 25 | $1,000 | 1 |
| Cameroon | $3,609 | 54 | $2,712 | 52 | $897 | 2 |
| Papua New Guinea | $3,530 | 89 | $3,030 | 88 | $500 | 1 |
| Malawi | $3,455 | 194 | $3,455 | 194 | ||
| Botswana | $3,437 | 140 | $3,437 | 140 | ||
| Moldova | $3,199 | 170 | $2,166 | 165 | $1,034 | 5 |
| Bosnia and Herzegovina | $3,075 | 158 | $2,749 | 157 | $325 | 1 |
| Saint Lucia | $2,966 | 36 | $2,966 | 36 | ||
| Iraq | $2,700 | 1 | $2,700 | 1 | ||
| Niger | $2,556 | 49 | $2,556 | 49 | ||
| Rwanda | $2,192 | 128 | $1,572 | 127 | $620 | 1 |
| Montenegro | $2,190 | 9 | $294 | 6 | $1,897 | 3 |
| Kyrgyzstan | $2,130 | 223 | $2,130 | 223 | ||
| Laos | $2,075 | 38 | $2,075 | 38 | ||
| Fiji | $1,920 | 206 | $1,920 | 206 | ||
| Maldives | $1,579 | 24 | $1,079 | 23 | $500 | 1 |
| Chad | $1,451 | 75 | $1,451 | 75 | ||
| Andorra | $1,424 | 6 | $1,424 | 6 | ||
| Cambodia | $1,165 | 12 | $692 | 11 | $472 | 1 |
| Isle of Man | $1,124 | 4 | $1,124 | 4 | ||
| Suriname | $975 | 2 | $975 | 2 | ||
| Cape Verde | $910 | 178 | $910 | 178 | ||
| Equatorial Guinea | $785 | 26 | $785 | 26 | ||
| Burundi | $762 | 836 | $762 | 836 | ||
| Monaco | $756 | 5 | $698 | 3 | $58 | 2 |
| Eswatini | $645 | 108 | $645 | 108 | ||
| Seychelles | $622 | 104 | $438 | 102 | $184 | 2 |
| Guinea Bissau | $562 | 40 | $562 | 40 | ||
| Sudan | $542 | 1 | $542 | 1 | ||
| Tajikistan | $518 | 7 | $18 | 6 | $500 | 1 |
| Nicaragua | $480 | 49 | $480 | 49 | ||
| Gambia | $479 | 163 | $479 | 163 | ||
| San Marino | $434 | 3 | $54 | 2 | $379 | 1 |
| Bhutan | $369 | 11 | $369 | 11 | ||
| Zimbabwe | $367 | 5 | $362 | 4 | $4 | 1 |
| Antigua and Barbuda | $251 | 20 | $251 | 20 | ||
| Central African Republic | $249 | 18 | $249 | 18 | ||
| Lesotho | $220 | 67 | $220 | 67 | ||
| Grenada | $216 | 7 | $26 | 5 | $190 | 2 |
| Aruba | $192 | 2 | $192 | 2 | ||
| Mauritania | $111 | 13 | $111 | 13 | ||
| Madagascar | $110 | 49 | $110 | 49 | ||
| Belize | $110 | 4 | $107 | 3 | $3 | 1 |
| Saint Kitts and Nevis | $92 | 1 | $92 | 1 | ||
| Dominica | $67 | 5 | $67 | 5 | ||
| Saint Vincent and the Grenadines | $65 | 9 | $65 | 9 | ||
| Sierra Leone | $64 | 60 | $64 | 60 | ||
| DR Congo | $5 | 1 | $5 | 1 | ||
| Guyana | 2 | 2 |